The Dollar index made a bullish reversal on Friday and held above cloud and trend line support. This price action justifies continuation of the upward bounce as long as price is above 91.80.

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Blue line - resistance trend line (broken)

The Dollar index broke above the trend line and the 4-hour Kumo (cloud). It pulled back to back test the breakout area and is now bouncing higher. Bulls need to see a higher high above 92.70 to be more confident of the bullish short-term trend. Support is at 92-91.70 area.

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Red lines - bearish channel

The Dollar index remains inside the daily bearish channel and below the daily Kumo (cloud). Price is now trading above the kijun-sen. A daily close above it will open the way for a move higher towards 93-94.

Gold price remains inside the bearish channel still. Price is trading above recent lows. There are increased chances of a new lower low towards $1,285-80 but I believe the downside is very limited, while the upside potential is very big.

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Red lines - bearish channel

Blue lines - bullish divergence signs

Gold price is below the tenkan- and kijun-sen in the 4-hour chart and inside the bearish channel. Support is at $1,290 and next one at $1,280. Resistance is at $1,300 and next one at $1,316. I believe that Gold price could make another stop run to shake out weak bulls and then reverse.

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Magenta line - resistance

Blue line - long-term support trend line

Gold price is pulling back from the resistance trend line. This pullback is considered one great buying opportunity. I believe that Gold will bottom around $1,290-$1,280 and then reverse to start the next big upward move towards $1,400. I remain longer-term bullish about Gold.

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Gold futures were flat Monday morning ahead of a trio of speeches from key Federal Reserve officials. Dec. gold was down 30 cents at $1294/oz, having dropped last week. Traders are looking for clarity about whether the Fed will raise interest rates before year's end.

The Fed signaled as much last week by maintaining their so-called dot plot interest rate projection for this year and 2018. New York Fed President William Dudley speaks at 8:30 am ET.

The Chicago Fed National Activity Index, which tracks overall economic activity and inflationary pressures, is also due this morning. Chicago Fed President Charles Evans and Minneapolis boss Neel Kashkari speak on monetary policy this evening.

The Dollar index is testing important short-term resistance and previous high at 92.70. Trend is bullish. 93 is an important resistance level.

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Red line - resistance (broken)

Blue line - previous high horizontal resistance

The Dollar index is trying to break above the previous highs at 92.70. Price back tested the cloud support and has reversed higher and is now ready to break to new short-term highs. Important support remains at 91.80.

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Red lines - bearish channel

On a daily basis we consider that the Dollar index is making a bounce that has first important resistance at 93 and next at 93.70. Both targets can be met but I believe we will first see below 91, before a bigger bounce. Short-term trend is bullish but medium-term trend remains bearish. Breaking below 91.80 will open the way for a move towards 90 or lower.

Gold price has broken out of the bearish channel yesterday as we expected. Price has stopped right below the 4-hour Kumo and shows signs of rejection. However I believe the next leg up towards $1,400 has started.

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Red lines - bearish channel

Gold price has reached the 4-hour Kumo (cloud) after breaking the bearish channel. Price has stopped right at the resistance and is pulling back. Short-term support is at $1,301. Resistance is at $1,316.

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On a daily basis Gold price has bounced as expected and stopped right at the daily tenkan-sen (red line indicator) resistance. Price needs to move above $1,316-20 level in order for bulls to feel more confident. I believe Gold has made an important low at $1,288. Breaking below that level will open the way for a move towards $1,270-60.

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